WASHINGTON (11/3/11)--The movement toward credit unions, and credit union media presence, continues to grow as Saturday's Bank Transfer Day approaches, as Credit Union National Association (CUNA) President/CEO Bill Cheney highlighted the credit union difference, and the benefits that consumers would receive as credit union members, in a Bloomberg Radio
interview and an editorial in the Huffington Post
Listen to Bill Cheney
Bloomberg radio interview
Cheney on Bloomberg Radio's Taking Stock
encouraged potential members to find a credit union to join on Nov. 5, but added that "it's not all about one day."
He reported that credit unions nationwide have seen an influx of new potential members coming through their doors, claiming disgust over bank fees as their main motivation. Cheney encouraged those fed up with their banks to find a credit union they can join, and look at the options. "You will get a better deal," Cheney said. Bank customers that are interested in moving to a credit union can see which credit unions they are eligible to join on CUNA's aSmarterchoice.org, Cheney added.
The CUNA CEO in his Huffington Post
piece advised consumers that those who join a credit union can expect to save at least $70 through lower rates, higher returns on savings and lower or no fees over a year--just as current credit union members did in the 12 months between June '10 and June '11.
"And that's just on average; consumers who are loyal members of credit unions--utilizing them extensively--often receive financial benefits that are much greater than the average," Cheney wrote.
Perhaps the best news out of Bank Transfer Day for consumers, however, is the growing awareness regarding the benefits of credit union membership. CUNA executed a survey whose preliminary results indicated tens of thousands of consumers have shifted hundreds of millions of dollar to credit unions since Sept. 29, when Bank of America announced its $5 debit card fee. (Final survey figures are now being tabulated.)
Although Bank of America and other megabanks have backed off from their plans to charge for debit card transactions, Cheney on Bloomberg Radio
warned that "there are all sorts of other fees associated with bank accounts," and added that credit unions provide lower fees and better interest rates for their members. And, while some may consider staying with larger banks due to their broad reach, Cheney said the shared ATM and branch networks that are participated in by many credit unions provide credit union members with many of the same conveniences.
Use the resource links below to read the complete Huffington Post